06 Jan 2026 Tax Planning Guide 2025-2026
On July 4, the legislation commonly known as the One Big Beautiful Bill Act (OBBBA) was signed into law. It makes permanent many provisions of the Tax Cuts and Jobs Act (TCJA) that help reduce tax liability and had been scheduled to expire Dec. 31, 2025, such as lower individual tax rates and higher gift and estate tax exemptions. But it also makes permanent the reduction or elimination of certain breaks that otherwise would have resumed after 2025.
That’s not all: The OBBBA introduces some new tax breaks (though many are temporary) and enhances some existing breaks. However, it terminates many tax breaks related to clean energy.
To keep your taxes to a minimum, you need to know how the OBBBA will affect your specific situation. Then you have to implement strategies that allow you to take maximum advantage of the tax savings opportunities available to you while staying in compliance with tax law.
This guide provides an overview of some of the key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the current tax environment. Use it to identify the best ones for your particular situation with your tax advisor, who can also keep you apprised of any new tax law developments that might affect you.